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Lowe’s Companies’ net earnings up 9 percent

August 20th, 2007 · No Comments

Lowe’s Companies Inc., one of the world’s largest home-improvement companies, has reported net earnings of $1.02 billion for the quarter ended Aug. 3, 2007, a 9 percent increase over the same period a year ago. Diluted earnings per share increased 11.7 percent to $0.67 from $0.60 in the second quarter of 2006. For the six months ended Aug. 3, net earnings declined 1.0 percent to $1.76 billion while diluted earnings per share increased 1.8 percent to $1.15.

Lowe’s has two stores in Surry County: No. 0478 at 692 S. Andy Griffith Parkway in Mount Airy and No. 1653 at 492 CC Camp Road in Elkin.

The corporation said sales for the quarter increased 5.8 percent to $14.2 billion, up from $13.4 billion in the second quarter of 2006. For the six months ended Aug. 3, 2007, sales increased 4.1 percent to $26.3 billion. Comparable store sales for the second quarter declined 2.6 percent and declined 4.4 percent in the first half of 2007.

“Despite the external pressures impacting our results, our continued focus on serving customers and executing our initiatives produced comparable store sales within our guidance range,” said Robert A. Niblock, Lowe’s chairman and CEO. “Solid gross margin gains drove earnings that exceeded our guidance.”

You can read the company’s complete financial announcement here.

Tags: Businesses

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